National Rural Utilities prices $5M 2026 notes

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing $5,000,000 of Medium-Term Notes, Series D. The notes are priced at 100% of principal, bear interest at 3.59% per annum, and mature on December 15, 2026, with an original issue date of February 15, 2026.

Interest will be paid semi-annually on each January 15 and July 15 to holders of record on each January 1 and July 1. The notes have no redemption date and carry no selling commission for agents. Counsel Hogan Lovells US LLP states these notes will be valid, binding obligations of the company, subject to customary bankruptcy and equitable principles.

FAQ

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What are the key terms of National Rural Utilities (NRUC) new Medium-Term Notes?

National Rural Utilities is issuing Medium-Term Notes, Series D, with $5,000,000 principal at 100% of par. The notes pay 3.59% annual interest and mature on December 15, 2026, providing a short-dated fixed-income instrument from the cooperative finance corporation.

What coupon and payment schedule do the NRUC Medium-Term Notes offer?

The notes carry a fixed interest rate of 3.59% per annum. Interest is paid semi-annually on each January 15 and July 15, to holders of record as of January 1 and July 1, offering predictable cash flows over the life of the notes.

When do the new National Rural Utilities (NRUC) notes start and when do they mature?

The notes have an original issue date of February 15, 2026 and mature on December 15, 2026. This makes them relatively short-term debt, remaining outstanding for just under ten months from issuance before principal repayment is due.

Is there any call or redemption feature on the NRUC Medium-Term Notes?

The notes have no redemption date, meaning there is no scheduled early call feature disclosed. Investors can expect the notes to remain outstanding until the stated maturity on December 15, 2026, unless otherwise affected by extraordinary events.

What fees or commissions apply to the National Rural Utilities (NRUC) note issuance?

The pricing supplement specifies that there is no agents’ commission on this issuance. The notes are sold at 100% of principal amount, indicating investors pay par value without an additional selling commission layer disclosed in this supplement.

How does legal counsel view the enforceability of the NRUC Medium-Term Notes?

Hogan Lovells US LLP opines the notes will be valid, binding obligations of the company once properly authorized, executed, and paid for. This is subject to typical limitations from bankruptcy, insolvency, and equitable principles under District of Columbia and New York law.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/13/2026 - 01:24 PM Learn about SEC filing dates

Rule 424 (b) (3)

Registration No.: 333-275151

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Medium-Term Notes, Series D

Due Nine Months or More from Date of Issue

Trade Date			February 11, 2026
Pricing Supplement No.			10464
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$5,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 15, 2026
Maturity Date			December 15, 2026
Interest Rate			3.59% per annum
Regular Record Dates			Each January 1 and July 1
Interest Payment Dates			Each January 15 and July 15
Redemption Date			None
Agents Commission			None
Form of Note: (Book-Entry or Certificated)			Certificated
Other Terms			None
Medium-Term Notes, Series D may be issued by the Company in an unlimited aggregate principal amount.

Validity of the Medium-Term Note

In the opinion of Hogan Lovells US LLP, as counsel to the Company, following (i) receipt by the Company of the consideration for the notes specified in applicable resolutions of the board of directors of the Company and (ii) the due execution, authentication, issuance and delivery of the notes pursuant to the terms of the indenture and the applicable underwriting, agency or distribution agreement against payment therefor, the notes offered by this pricing supplement will constitute valid and binding obligations of the Company, subject to the effect of (a) bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting creditors’ rights and remedies (including, without limitation, the effect of statutory and other law regarding fraudulent conveyances and fraudulent, preferential or voidable transfers), and (b) the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing, reasonableness, conscionability and materiality (regardless of whether the applicable agreements are considered in a proceeding in equity or at law), including, without limitation, principles limiting the availability of specific performance and injunctive relief.

This opinion is based as to matters of law solely on applicable provisions of the following, as currently in effect: (i) the District of Columbia General Cooperative Association Act of 2010 and (ii) the laws of the State of New York (but not including any laws, statutes, ordinances, administrative decisions, rules or regulations of any political subdivision below the state level). In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and its authentication of the notes and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated October 27, 2023, which has been filed as an exhibit to a Current Report on Form 8-K by the Company on October 27, 2023.